The more revenue a business receives, the bigger they tend to get, and the more complex they tend to get. Greater complexity requires certain expertise that usually involves multiple advisors. A professional athlete, in and of themselves, is essentially a small business that would benefit from a team of trusted advisors to help them navigate through the difficulties and decisions that come with the career.
When most people think of “financial planning”, they often only consider investments, which is only a small piece of the whole financial picture. They are forgetting about all of the other aspects that are considered by CFP® professionals: CFP® Principal Knowledge Topics.
Having a trusted attorney to utilize for legal advice is helpful; you never know what may come up.
This also includes having someone to take care of contract negotiation/management, which would usually be an agent. This process could be done by an athlete if they understood how it worked and had the time and desire to do it, but they usually don’t want to.
Networking/Public Relations (PR)/Relationship Management
This is much of what an agent takes care of. Of all business relationships, agents often have the most influence over an athlete. It is important that they are chosen wisely.
There are also PR firms that connect companies and athletes for speaking engagements, public appearances, and advertising.
Though some attorneys and CFP® Professionals may have a solid grasp on how taxes work, it would be helpful to have an experienced tax accountant or tax attorney when making financial/business decisions.
Most professional athletes have basketball and strength trainers they work with on a regular basis.
At Impact Sports Services, it is a goal of ours to help you assemble a team who will not only help you with your career, but your life.